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Musk targets $25,000 Tesla with plan to make new battery in-house

EV maker says it will still buy 'more not less' from Panasonic and other suppliers

Tesla unveiled a new battery that will significantly improve electric cars’ power and range at its annual Battery Day event on Tuesday.   © Reuters

PALO ALTO, U.S. -- Tesla has revealed a new battery to boost electric cars' power and range, saying the units will help to drive vehicle costs down to $25,000 within a few years.

The battery cell is larger than those Tesla buys from Japan's Panasonic and other suppliers and will be produced partly by the electric automaker itself -- a first for Tesla. The battery will provide six times more power and enable a 16% range increase for vehicles, the U.S. electric automaker said.

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